Sebi Corporate Governance Case Study

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EVOLUTION OF CORPORATE GOVERNANACE It was post liberalisation period in which corporate governance gained great prominence in our country. Companies Act, 1956 provided for some basic framework for efficient working of all the companies. Some of the provisions which were incorporated in the 1956 Act to provide a effective checks and balances over the powers of board of directors for example are, Loan to directors or relatives or associated entities needed Central Government permission (Sec 295). Interested contract needs Board resolution and to be entered in register (Sec 297). Interested directors not to participate or vote (Sec 300). Appointment of director or relatives for office or place of profit needed approval by shareholders mandatorily.…show more content…
With the rise and emergence of code on best Corporate Governance compliance in all part of the world for example, Cadbury Greenbury and Hampel Committee reports etc, in the year 1999, SEBI also initiated with constituting a Committee on Corporate Governance which was lead under the Chairmanship of Kumar Mangalam Birla. The whole purpose of formation of this committee was to raise, promote and execute the standard of Corporate Governance in respect of listed companies. SEBI considered the recommendations of the Birla Committee and decided to incorporate the amendments to the listing agreement in year 2000 and inserted a new clause in the Equity Listing Agreement which is famously known as Clause…show more content…
The OECD Principle guideline of Corporate Governance have since become an international benchmark for policy makers, investors, corporations and other stakeholders worldwide. They have advanced the corporate governance agenda and also provided for specific guidance for the rule makers and regulatory initiatives. OECD Principles on Corporate Governance are, firstly, ensuring the basis for an effective Corporate Governance Framework which would means and include:- The corporate governance framework, promote transparent and efficient markets policy, to be consistent with the rule of law, plus to clearly articulate the distinction of responsibilities among different supervisory, regulatory and enforcement authorities. Secondly, the rights of shareholders and key ownership functions protected and facilitated, i.e. to protect and facilitate the exercise of shareholders’
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